Twitter announced on Thursday it will shut down the Vine mobile app in the coming months, effectively ending future content creation for the social media platform.

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"Since 2013, millions of people have turned to Vine to laugh at loops and see creativity unfold. Today, we are sharing the news that in the coming months we’ll be discontinuing the mobile app," the company said in a news release.

Twitter announced Thursday it is cutting about 9 percent of its employees worldwide.

The social media site has failed to keep pace with rivals Facebook, Snapchat and Instagram and in recent months, rumors that it would be acquired have run rampant.

Shares of Twitter have tumbled 27 percent in the past month as possible buyers have disappeared.

Twitter said users will be able to access and download their Vines and the company plans to keep the website online. "We think it’s important to still be able to watch all the incredible Vines that have been made," the company said.

"We value you, your Vines, and are going to do this the right way," the company said.